Solana (SOL) is showing signs of resilience despite ongoing market turbulence, holding its ground while many other cryptocurrencies face selling pressure. After weeks of failed breakouts and a largely bearish environment in June, the altcoin has managed to stay afloat — largely thanks to strong investor conviction and encouraging network metrics. With the price currently hovering around $146, Solana seems to be setting the stage for a possible upward move, provided it can maintain its crucial support level at $144.

Investor behavior surrounding Solana has been particularly telling. Over the past three months, data reveals that there has been only one notable instance where selling exceeded accumulation. This trend highlights a shift in sentiment, with holders choosing to stay put rather than panic-sell. This continued pattern of accumulation underlines investor confidence in the project’s long-term potential, despite short-term price stagnation.

This accumulation trend is further supported by Solana’s exchange net position change, a key on-chain metric. The data shows that large amounts of SOL are being moved out of exchanges and into private wallets — a classic sign of long-term holding behavior. When coins are withdrawn from exchanges, it typically indicates that investors are not planning to sell in the near future, which contributes to supply reduction and price stability.

Adding to the optimism is Solana’s Network Value to Transactions (NVT) ratio, which is showing a steady decline. The NVT ratio compares a cryptocurrency’s market capitalization to its transaction volume — much like a price-to-earnings ratio in traditional finance. A falling NVT suggests that the network’s value is more closely aligned with actual on-chain activity, meaning the asset is not overpriced relative to its usage. In simple terms, Solana is seeing meaningful network utility, which often precedes price growth.

From a technical perspective, Solana’s ability to hold above $144 is critical. This level has served as a solid support throughout June, preventing further losses despite multiple downward pressures from the broader market. If Solana can maintain this floor and regain bullish momentum, it has a clear path toward $152 and possibly $161 — key resistance levels in the short term.

However, this bullish outlook is not without risk. If Solana fails to hold the $144 support, the asset could dip further, potentially falling to $136. Such a move would invalidate the current recovery setup and might trigger a fresh wave of selling, particularly among short-term traders who entered near the top.

Still, broader macro and on-chain indicators remain in Solana’s favor. The decline in the NVT ratio combined with the clear trend of accumulation suggests that a long-term bottom could be forming. If Bitcoin and the wider crypto market stabilize or turn bullish, SOL could be one of the first altcoins to benefit due to its strong fundamentals and committed community.

Solana’s developer ecosystem and growing use cases — including DeFi, NFTs, and real-world assets — continue to fuel investor interest. The blockchain has maintained a strong presence in the layer-1 smart contract space, often being seen as a faster, more scalable alternative to Ethereum. These fundamentals, paired with strong technical indicators, are keeping bullish hopes alive despite current challenges.

In conclusion, Solana is navigating rough waters with impressive composure. The refusal to break below key support levels, alongside clear accumulation and positive network activity, signals a potentially bullish setup in the making. Investors and traders alike should keep a close eye on the $144 level. A successful bounce could ignite a short-term rally, while a breakdown may test Solana’s resilience once again.

For now, all eyes are on whether SOL can continue to defy the broader market and push back toward the $152–$161 range. With confidence building and fundamentals aligning, the next few days could be crucial for Solana’s near-term trajectory.